ANZ receives Central Bank approval to open office

ANZ today announced it has received
Central Bank approval to open a representative office in
Myanmar.

ANZ is the first Australian bank to receive a
license from the Central Bank of Myanmar to operate and the
first OECD bank outside of Japan to receive approval to
establish a presence in Myanmar after the lifting of
international sanctions earlier this year.

“The representative office will
strengthen our capability to connect customers across our
international network and to access opportunities in
Myanmar, as well as connecting our clients in Myanmar with
new trade and investment opportunities.

“We believe our
expertise in resources, agriculture and infrastructure
offers something unique to clients interested in Myanmar.
The nation is rich in natural resources such as arable land,
minerals, energy and freshwater, and has significant
economic growth potential over the medium term,” Mr
Thursby said.

Grant Knuckey, CEO of ANZ Royal Bank in
Cambodia and Chairman of ANZ Laos will have management
oversight of the Myanmar representative office which will be
located in Yangon. ANZ’s license is subject to final
administrative approvals and the representative office is
expected to open early in 2013.

ANZ received the
representative office license from the Central Bank of
Myanmar following extensive discussions with the Government
of the Union of Myanmar, and in consultation with the
governments of Australia and the United States of America,
and the Australian Prudential Regulation Authority. ANZ
continues to be committed to complying with all requirements
related to ongoing sanctions.

Myanmar is the largest
country in South-east Asia by land mass, bordering five
nations, and strategically located between China and India.
Myanmar’s gross domestic product, currently US$43 billion,
grew 5.3% in 2010 derived primarily from government
investment and foreign investment into the oil and gas and
agribusiness sectors.

ANZ has been helping New Zealanders get ahead ever since we opened for business in 1840. We were New Zealand's first bank and today we have the largest network of full-service branches and ATMs, and around 8,000 talented people right around the country.

We're passionate about helping our customers follow their unique goals and dreams. Whether it's travelling the world, buying a home, building a business, investing for the future or protecting their family's future, we use our financial strength and expertise to help make it happen.

Through our sponsorships, our Staff Foundation and thousands of staff volunteer hours each year, we support causes that make a difference to New Zealanders.

The whitebait fry - considered a delicacy by many - are the juveniles of five species of galaxiid, four of which are considered threatened or declining. The SMC asked freshwater experts for their views on the sustainability of the whitebait fishery and whether we're doing enough to monitor the five species of galaxiid that make up whitebait. More>>

The New Zealand government's accounts recorded a smaller-than-forecast deficit in the first four months of the fiscal year on a higher-than-expected inflow of corporate and goods and services tax. More>>

Steel & Tube Holdings, along with two other companies, will be prosecuted by the Commerce Commission following the regulator's investigation into seismic steel mesh, while Fletcher Building's steel division has been given a warning. More>>

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>